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Maximizing Retirement Contributions and Addressing Audit Risk
This chapter discusses the benefits and considerations of declaring oneself a professional gambler mid-year, focusing on retirement account contributions, accurately filing self-employed income, issuing timely 1099s, keeping business and personal expenses separate, responding to IRS notices, and potentially filing an FBAR. It also touches on the impact for all taxpayers, mentions offshore account disclosure, and briefly discusses 1099 forms and potential state impacts for professional gamblers.